Nagmoddin Zaid pays $2M for 12-unit walkup in Washington Heights

Nagmoddin Zaid through the entity 188 Audubon Ave Realty LLC paid $2 million through an estate sale to Carmen H. Grange through the entity 188 Audubon Realty LLC for the 12-unit residential walkup building (C7) at 188 Audubon Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on February 12, 2025 and was recorded on February 27, 2025. The property has 15,151 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $132 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Carmen H. Grange was Patricia J. Williams-Alveranga. The signatory for Nagmoddin Zaid was Nagmoddin Zaid. The contract date was March 28, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nagmoddin Zaid had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Carmen H. Grange had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Carmen Grange, head officer and Roberto Hernandez, site manager. The business entities are B. Adams Holding Corp and 188 Audubon Realty Llc. The 15,151-square-foot property generated revenue of $296,963 or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 12 residential units in Washington Heights has 15,151 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 146 feet and is 25 feet deep with a total lot size of 3,614 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million. The property has 12 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2 million judgment concerning a contract filed on December 6, 2024, by Dov Popack against Carmen Grange. In addition, according to city public data, the property has received $2,650 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 20 commercial properties representing 286,263 square feet of the 435,804 square feet. The largest owner is Abro Management, followed by New York City Department Of Housing Preservation And Development and then Seastone Capital.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 435,804 square feet of built space are walkup buildings, with elevator buildings next occupying 28 percent of the space.

Direct link to Acris document. link